Top 1% take biggest income slice on record

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rabble
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Top 1% take biggest income slice on record

Postby rabble » Tue Sep 10, 2013 7:23 pm

Let me see if I understand this.

With a representative sample of one hundred people, 19.3 cents of every dollar they earned went to one person. The other 99 split the 80.7 cents left over.

Which would be, um, .815 cents each I think.

The gulf between the richest 1% of the USA and the rest of the country got to its widest level in history last year.

The top 1% of earners in the U.S. pulled in 19.3% of total household income in 2012, which is their biggest slice of total income in more than 100 years, according to a an analysis by economists at the University of California, Berkeley and the Paris School of Economics at Oxford University.

The richest Americans haven't claimed this large of a slice of total wealth since 1927, when the group claimed 18.7%. The analysis is based on data from Internal Revenue Service data.

pjbogart
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Re: Top 1% take biggest income slice on record

Postby pjbogart » Tue Sep 10, 2013 7:54 pm

This is great news. Now they have plenty of money to let it trickle down to the rest of us. I'm sure I'll be getting a raise any day now.

1927, huh?

fisticuffs
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Re: Top 1% take biggest income slice on record

Postby fisticuffs » Wed Sep 11, 2013 8:50 am

They've clearly never worked harder.

Crockett
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Re: Top 1% take biggest income slice on record

Postby Crockett » Wed Sep 11, 2013 9:22 am

"The richest Americans were hit hard by the financial crisis. Their incomes fell more than 36 percent in the Great Recession of 2007 to 2009 as stock prices plummeted. Incomes for the bottom 99 percent fell just 11.6 percent, according to the analysis."

"But since the recession officially ended in June 2009, the top 1 percent have enjoyed the benefits of rising corporate profits and stock prices: 95 percent of the income gains reported since 2009 have gone to the top 1 percent."

"That compares with a 45 percent share for the top 1 percent in the economic expansion of the 1990s and a 65 percent share from the expansion that followed the 2001 recession."

THANK YOU FEDERAL RESERVE!!

I'm telling you, if people actually knew what was going on there'd be riots in the streets.

http://www.boston.com/business/personal ... story.html

rabble
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Re: Top 1% take biggest income slice on record

Postby rabble » Wed Sep 11, 2013 9:50 am

Crockett wrote:I'm telling you, if people actually knew what was going on there'd be riots in the streets.

http://www.boston.com/business/personal ... story.html

Strange, ain't it? For the last couple of decades the education system has been in decline and now that most of the demographic who would be doing the rioting is functionally illiterate, the income share starts to shift.

DCB
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Re: Top 1% take biggest income slice on record

Postby DCB » Wed Sep 11, 2013 10:34 am

Remember when Thurston Howell Moneybags Romney was caught dissing the 47%, and everyone recoiled in horror? We showed him! The 2012 election demonstrated that Americans want government to stop coddling the rich, and to help those most in need.
As the U.S. economy recovers from the worst recession since the Great Depression, the explosive growth of food stamps remains a lingering legacy. And now the program comes with an irony, as the Republicans seeking to cut it also represent vast numbers of recipients.

http://www.bloomberg.com/news/2013-08-1 ... rolls.html
the fact that we are fighting now only over how much to cut the SNAP program, rather than whether to cut it at all, should make us all go off into the wilderness and eat insects in shame, especially since, as we now know, the real moochers in our midst are not the poor people who get to eat government cheese with every meal.

....

Later, of course, we learned that Congressman Fincher and all the other Finchers had been sucking down $3.5 million in farm subsidies from the program that the USDA just said was rife with overpayments and creatively incompetent bookkeeping. I think Congressman Fincher should now become a word, like "grifter."

http://www.esquire.com/blogs/politics/How_To_Fincher

Crockett
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Re: Top 1% take biggest income slice on record

Postby Crockett » Wed Sep 11, 2013 11:07 am

As long as they don't touch our guns...

This should end well.

david cohen
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Re: Top 1% take biggest income slice on record

Postby david cohen » Wed Sep 11, 2013 11:39 am

Anyone know what you have to earn these days to be part of the top 1%?

ouroborus4
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Re: Top 1% take biggest income slice on record

Postby ouroborus4 » Wed Sep 11, 2013 12:03 pm

david cohen wrote:Anyone know what you have to earn these days to be part of the top 1%?


I recently saw this infographic on the topic and thought it to be, well, informative: https://www.youtube.com/watch?v=QPKKQnijnsM

Ned Flanders
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Re: Top 1% take biggest income slice on record

Postby Ned Flanders » Wed Sep 11, 2013 10:10 pm

Thanks Obama.

pjbogart
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Re: Top 1% take biggest income slice on record

Postby pjbogart » Wed Sep 11, 2013 11:59 pm

Ned Flanders wrote:Thanks Obama.


And the most ironic statement of the week goes to... Ned Flanders.

You'd win more often if you bothered to show up.

fisticuffs
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Re: Top 1% take biggest income slice on record

Postby fisticuffs » Thu Sep 12, 2013 8:52 am

pjbogart wrote:
Ned Flanders wrote:Thanks Obama.


And the most ironic statement of the week goes to... Ned Flanders.

You'd win more often if you bothered to show up.


Wow Ned really missed the boat on this one. There are dozens of gifs out there for just such a statement. Although the point of them is clearly to mock Obamaphobes like Ned.

Image

Crockett
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Re: Top 1% take biggest income slice on record

Postby Crockett » Thu Sep 12, 2013 10:37 am

Ned Flanders wrote:Thanks Obama.


Its true, the irony is that Bush bailed out the entire banking sector on the backs of the 99%.

The sad part is Obama has done nothing to change that.

david cohen
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Re: Top 1% take biggest income slice on record

Postby david cohen » Thu Sep 12, 2013 12:19 pm

It's funny. If you hang out with wealthy conservatives, they'll chastise Obama for income redistribution. In reality, Obama has presided over a big come back in the economy and the markets. Many folks in middle and upper middle have 401ks, IRAs, 529s etc. that have seen a nice bump from the days of Bush the 2nd.

I still don't get what income redistribution is anyways. It's not like the Feds will take $50k from my bank account and give it to some other guy's bank account. They might take a larger tax bite and piss it away on some social service program that's rife with fraud, but that is hardly redistribution. Redistribution will never happen.

O.J.
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Re: Top 1% take biggest income slice on record

Postby O.J. » Thu Sep 12, 2013 12:27 pm

david cohen wrote: In reality, Obama has presided over a big come back in the economy and the markets.


And that's no coincidence.


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